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. Last Updated: 07/27/2016

Hyundai To Boost Kit Exports

SEOUL, South Korea -- Hyundai, South Korea's top automaker, said Sunday that it planned to raise vehicle kit exports to Russia by 60 percent next year in a bid to expand its presence in the fast rising car market.

Kim Dong-jin, Hyundai's vice chairman and CEO, said Hyundai would sell car parts, including knock-down kit forms, for 80,000 vehicles in 2008 to TagAZ, which assembles Hyundai's passenger cars, compared with 50,000 units this year.

"We see Russia, an emerging market, has a high growth potential," Kim told reporters on the sidelines of a funeral for Byun Joong-seok, wife of late Hyundai Group founder Chung Ju-yung.

Hyundai sold 67,439 vehicles in Russia over the first seven months of the year, about 20 percent higher than 56,294 units a year ago, according to data from the Association of European Business in the Russian Federation.

Sales of foreign car brands in Russia jumped 67 percent during the seven months to 861,736 units, according to the data.

Over half of Hyundai cars sold locally are already produced by the independent Taganrog car plant in southern Russia under a license agreement.

The country's car market is booming thanks to fast economic growth and consumers' increasingly easy access to credit. Russia lures foreign automakers with tax breaks on assembly plants, while the country's largest carmaker, AvtoVAZ, is losing market share.